US$7 million invested in Redback Technologies' Smart
Hybrid System

12 October 2017

The Clean Energy Innovation Fund and Right Click
Capital today announced an investment of US$7 million (approx.
A$8.99 million) into Australian renewable energy start-up Redback
Technologies, as part of its Series A-2 capital raising round.

The equity investment supports Redback's development
and integration of innovative smart software and hardware
technologies to optimise the generation, storage and management of
solar energy for households and businesses.

Redback's System uses machine learning to predict
solar generation and customer usage. It then makes intelligent
decisions to optimise energy usage, driving down energy costs for
end users and reducing fossil fuel reliance. Redback's software
also enables systems to be aggregated to form a virtual power
plant, to provide grid services and support increased integration
of renewables into the grid.

The news follows EnergyAustralia's A$9.3 million
investment in October 2016 that has seen the company offer
Redback's Generation 2 Smart Hybrid System to its 1.7 million
customers in Victoria, New South Wales, Queensland, the ACT and
South Australia.

The Innovation Fund - which uses finance from the
Clean Energy Finance Corporation (CEFC) to invest in innovative
clean energy companies and projects - has committed US$5 million
(approximately A$6.42 million) to Redback. The Innovation Fund
draws on the combined skills and experience of the CEFC and the
Australian Renewable Energy Agency (ARENA).

Right Click Capital's Growth Fund, which invests in
early-stage, high-growth tech businesses in the Asia-Pacific
region, has invested a further US$2 million (approx. A$2.57
million) in Redback, and will also contribute its specialist
experience to support Redback's expansion in Australia and the
wider Asia-Pacific region.

Redback Technologies Founder and Managing Director,
Philip Livingston, said the investment will allow Redback to expand
its R&D capabilities, accelerate development of its smart
software suite and strengthen its technical and professional
workforce by over 30 full-time employees in the next 6 months.

"This investment will enable us to further develop
our next generation energy intelligence platform and devices and
further cement our vision to ensure Australian households and
businesses are entirely powered by renewables." Mr Livingston
said.

CEFC CEO Ian Learmonth said: "Australia has the
highest penetration of rooftop solar in the world. We can lead the
way in developing innovative technologies like Redback's that mean
households and businesses get the most benefit from these
investments.

"We want to see home and business energy management
systems and battery storage solutions become commonplace in
Australia, offered as part of an integrated power solution that
gives consumers more control over their energy. Better managing our
individual energy use is good for power costs, and it's good for
lowering carbon."

Right Click Capital - which focuses on early-stage
technology with the potential to disrupt inefficient sectors -
offers both financial backing and the benefit of its lengthy
experience in building and scaling ambitious technology
businesses.

Right Click Capital Partner Benjamin Chong said: "The
inherent inefficiencies within the energy sector in Australia makes
it ripe for disruption. Redback Technologies is uniquely positioned
to seize this opportunity, with the power to provide everyday
Australians with an alternative, low-cost solution to energy
generation, storage and consumption.

"We are excited by the solid track record of
Redback's management team and the firm's ability to leverage
technology to provide intelligent energy management solutions for
households and businesses in Australia and beyond."

ARENA CEO Ivor Frischknecht added: "We're proud to
get behind Australian innovation that helps Australian households
and businesses make better use of their rooftop solar and battery
storage, improve efficiency and save on energy costs."

ABOUT REDBACK TECHNOLOGIES:

Redback is a technology company focused on the
development of advanced, low cost, intelligent energy solutions for
residential and commercial users. Redback's market leading
integrated hardware and software technologies capture, store and
manage solar energy, providing accelerated return on investment.
More information can be found at: redbacktech.com

ABOUT RIGHT CLICK CAPITAL:

Right Click Capital is an investment firm that
specialises in identifying, investing in and supporting high-growth
Internet and technology businesses across Australia, New Zealand
and South East Asia. The firm's partners Benjamin Chong, Ari
Klinger and Garry Visontay have all founded multiple successful
technology businesses, and have extensive operational and
investment experience. This unique combination of deep industry
expertise and operational experience - along with the firm's global
network of investors, funds and founders - allows Right Click
Capital to partner with founders from inception and beyond to help
build meaningful and enduring technology businesses. Right Click
Capital is a member of the Draper Venture Network (Beta), a global
alliance of venture capital firms with over USD1.6 billion in
collective assets under management. www.rightclickcapital.com